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The Financial Services Council has used Productivity Commission analysis and data to suggest that there is a very significant underperformance problem for not-for-profit default funds across a wide range of asset classes.
Industry Super Australia has objected to exempting personal financial advice from product design and distribution obligations, arguing planners need to be held responsible.
The Financial Services Council wants to extend its insurance code of conduct to “all life insurance distributors”.
The Financial Services Council has told the Royal Commission that advisers undertake a significant amount of work for clients, justifying their commission payments.
Industry funds body, Industry Fund Services has admitted to the Royal Commission that it, too, had to deal with its planners receiving conflicted remuneration including grandfathered arrangements.
